The One Big Beautiful Bill Act, the centerpiece of President Donald Trump's domestic agenda, is to be signed into law on July 4.

The "big, beautiful bill" will add trillions to the national debt through tax cuts, and millions of people could lose their health insurance.

President Trump repeatedly stated that he wanted to end Social Security benefit taxes, but that's not what the OBBB does. Instead, it adds a new $6,000 tax deduction for seniors ($12,000 for married couples) that they can claim on top of the standard deduction and existing senior deduction. Here's a closer look at how this adds up: